Tesla's latest results look bad for the stock and its investors, with shares dropping sharply as the real state of the business shows through.

• Tesla stock fell 14% after earnings came out.
• Profit looked like it jumped, but only because of a gain on Tesla's stake in SpaceX.
• Strip out that SpaceX bump and Tesla's actual profit dropped 75%.
• The company is now burning cash instead of generating it.

Outlook: With the core car business weakening, the stock likely stays under pressure until Tesla shows real earnings growth.